Weed Giant Canopy Announces Upsized $35M Private Placement
Canadian cannabis producer Canopy Growth has raised $35m from a private placement of tranched units with "certain institutional investors". Each unit comprised one common share and one class A or class B common share purchase warrant, with series A exercisable for five years immediately following the placement's close, and series B after six months. The proceeds will give the Ontario-based company more financial clout, allowing it to pay down debt and giving it some marketing cash. In November, Canopy cut its debt by C$364m, bringing its total debt reduction to C$1bn ($798m) since the start of the fiscal year. The company is now hoping to cut costs further, targeting a C$300m reduction by the end of the current fiscal year.
